This compound is primarily utilized in the field of organic synthesis and material science due to its unique structural properties. It serves as a key intermediate in the development of various organic compounds, particularly those with potential pharmaceutical applications. Its benzofuranone core structure is often explored for its bioactivity, making it valuable in drug discovery and development processes. In material science, it is studied for its potential use in the creation of organic electronic materials. Its conjugated system and ability to form stable complexes with metals make it a candidate for use in organic semiconductors, light-emitting diodes (OLEDs), and photovoltaic cells. Researchers also investigate its photophysical properties for applications in fluorescent dyes and sensors. Additionally, its antioxidant properties are of interest in the development of cosmetic and skincare products, where it can help protect against oxidative stress and environmental damage. Its ability to scavenge free radicals makes it a potential ingredient in formulations aimed at anti-aging and skin repair.